North Carolina Down Payment Assistance Systems
Online Payments - The North Carolina Housing Finance Agency has two great plans for First Time Home Buyers. These programs are the deposit Assistance System and the Mortgage Credit Certificate.
If you qualify for one of these programs and you also purchase a house between December 1, 2009 and January 1, 2009, it is also possible to qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.
First, who is a first-time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a home in the prior three years. Here is precisely the same qualifying definition for the $8,000 tax credit.
What's a Mortgage Credit Certificate and Who Qualifies?
If you qualify for the MCC, you'll be able to claim 20% of the interest you pay as a credit in your federal income taxes on your own mortgage. It's possible for you to save as much as .
If you do qualify for the MCC you'll be able to unite this with the $8,000 tax credit. This might reduce a buyer's tax liability .
Who Qualifies for an MCC?
Who qualifies for an MCC is based on the cost of the home as well as your income you're buying. Household income is defined as the “gross income of the mortgagor and any person expected to live in the dwelling who's 18 years old or older.”
The income and house price limits Durham and Chatham Counties are listed below.
MCC Income Limitations 1 Individual $61,500 2 Men $61,500 3 Individuals $70,500 4 Individuals $70,500
MCC Sales Cost Limitations New Dwelling $220,000 Existing Residence $210,000
The purchaser just has to pay $1,000 of their own funds and the load would pay around $8,000 of the remaining balance.
This program has more rigorous income limitations than the MCC program summarized above. Like the MCC program, it can be utilized along with all the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment assistance, however, cannot be applied along together with the MCC. This is an either or scenario.
House price limits Durham and Chatham Counties and the income are listed below.
Down Payment Assistance Income Limits
1 Individual $39,950 2 Men $45,650 3 Men $51,350 4 Persons $57,050
Down Payment Assistance Sales Cost Limits New House $210,000 Existing Residence $210,000